Gold prices soar on safe-haven demand

Gold prices gained ground today, Oct. 30, as investors sought safe-haven assets in light of the escalating geopolitical tensions, with markets awaiting the forthcoming Federal Reserve two-day meeting on Nov. 1.

Bullion for December delivery surged 0.33%, or $6.50, to $2,005 an ounce at 10:32 am Makkah time, while spot prices plummeted by 0.52% to $1,996.01 per ounce.

Further, silver contracts for December delivery jumped 1.54% to $23.24 an ounce, with platinum spot prices stable at $907.03 per ounce.

“The spate of strong economic data means it will force the Fed to retain a hawkish undertone, despite raising concerns over the Middle East conflict,” City Index Senior Analyst Matt Simpson was quoted as saying by Reuters.

Traders are pricing a 96.1% chance the US central bank will keep interest rates unchanged at the 5.25-5.50% range at its next meeting, according to the CME FedWatch Tool.